The Finance Minister, Henry Musasizi, has advised that nations should tighten their spending and focus heavily on creating opportunities for young people to overcome global economic pressures.
Speaking at the Annual Meetings of the International Monetary Fund (IMF) and World Bank Group, in Bangkok, expressed a need to build an economy that is resilient, able to overcome shocks, and that is able to respond to the needs of the people.
Musasizi noted that with foreign aid shrinking globally, Uganda is focusing on raising private capital and boosting domestic tax collection from 14% to 20% of GDP over five years.
He also shared positive news regarding major infrastructure projects, revealing that the World Bank has agreed to support Uganda’s railway expansion noting that the Malaba-Kampala line is fully subscribed, with further discussions underway for the Kasese line and mining developments.
Meanwhile the Permanent Secretary and Secretary to the Treasury Ramathan Ggoobi highlighted that international financial institutions are now directly supporting Uganda’s ambitious plan to expand its economy tenfold.
